UAE-based National Central Cooling Company (Tabreed) has plans to enter new markets and expand its presence in existing territories this year, the firm’s CEO said.
The Dubai-listed company has recently made a significant acquisition with the new Al Mouj plant in Muscat, Oman, expanded its portfolio in the UAE and announced the start of operations in Egypt.
New expansion plans include strengthening the company’s presence in Saudi Arabia, said Khalid Abdulla Al Marzooqi in a report released on Monday. However, he did not disclose which new markets they intend to enter this year.
“For 2022, Tabreed is entering new markets and fully intends to expand its presence in existing territories,” Marzooqi said.
“Our sights are set firmly on increasing our Saudi Arabia portfolio, too,” the CEO said.
During 2021, group revenue went up by 12 percent to 1.95 billion dirhams ($530 million), while EBITDA increased by 7 percent to 1.03 billion dirhams.
Just this month, Tabreed signed a partnership agreement with the Egyptian Company for Energy and Cooling projects (Gascool) and Marakez for Restate Investment Company to provide district cooling services to the new D5M Mal in New Katameya, east Cairo.
Tabreed has recently streamlined its operations and expanded its portfolio in the UAE, adding more than 40,000 refrigeration tons (RT) of new connections.
(Reporting by Cleofe Maceda; editing by Daniel Luiz)